Saxo Bank Review

2.049 · 82 REVIEWS

Formerly SaxoBank.com

Updated: Oct 1, 2020 · Home.Saxo  · Is this your company?

Saxo is a forex broker. SaxoBank offers the SaxotraderGO and SaxoTraderPRO forex trading platform., Home.Saxo offers over 165 forex currency pairs, stocks, cfds, commodities, futures, bonds, gold, silver and oil for your personal investment and trading options.

Saxo Bank

Other websites of this company include ForexTrading.com, Markets.saxo and SaxoMT4.com.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 30:1
Minimum to Open Live: $10,000
Established: 1992
Address: Philip Heymans Alle 15, Hellerup, 2900, Denmark
Contact: +48 222 755 570
Regional offices:
Regulators: ASIC #126 373 859, CNB #28949587, DFSA #1149, Bank of France #483632501 R.C.S. Paris, SFC #1395901, CONSOB #296, FSA #239, DNB #34357130, MAS #200601141M, FINMA #CHE-106.787.764, Central Bank #2017/995/13, FCA #551422
Prohibited countries:
Trading platforms: SaxoTraderGo, SaxoTraderPRO
Mobile Trading: Yes
ECN: Yes
Currencies: (165+)
Cryptocurrencies:
CFD: (19000+) Gold, Silver, Stocks, Stock Indexes, Bonds, Oil, Other Commodities
EAs/Robots: Yes
News Spike Trading: Yes
Scalping: Yes
Deposit Methods: Bank Wire, VISA, MasterCard, Securities transfer
Withdrawal Methods: Bank Wire, Transfer to Existing Broker

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2.049 · 82 REVIEWS
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DO YOU RECOMMEND THIS COMPANY?

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Traders Reviews

Andrew ,
Singapore,
Jul 30, 2009,
Guest

Horrendus problems with the Saxo Web Trader platform. I'm getting a rejection rate of about 90% on trying to hit market prices especially when trying to exit positions.

Enterting orders is difficult and then service off chat is minimal, arrogant and full of attitude. You will never see any sort of refund off these guys but a rabid defense and constant inference that it is your fault.

Order prices reset themselves, seen prices trade through a couple of times before an order fills, latency so bad I managed to end as short as I was long because I assumed when I had tried to close a position that the order hadn't filled becasue nothing popped up to get two notifications 20 seconds later.

Looks great but I am afraid that is about it. I don't mind them making money but they resent you making money and will charge for absolutely everything they possibly can..

I am in the process of moving the FX part of my business to another broker.
 
Saleem,
Norway,
Mar 6, 2009,
Guest

Very high spreads, if you is looking for small profits so they will eat all your profits.
 
Kit,
UK,
Aug 13, 2007,
Guest

I have done two forex options on this platform with no problems. I find their forex options platform very useful. It is possible to obtain quotes on any strike price for any date and therefrom calculate the probable movement of any quote relative to movement of the spot currency.
 
JT,
, Singapore,
Mar 28, 2013,
Guest

Saxotrader2 platform is out of the most unstable in terms of FX data feed. Almost 100% problem after each software update or every other fortnight. If you are an intraday FX scalper, forget it. Its the FX market, no one can wait for minutes for a chart to be called up and problem is normally worse during the NY hours!!! Support is unhelpful and arrogant
 
Jack,
NL, Netherlands,
Feb 13, 2018,
Guest

Simply not a competitive option

Perhaps ok depending upon what you're comparing to, but if you're familiar with other U.S./U.K. trading platforms, Saxo is a non-starter - simply no comparison. They charge for every conceivable thing. Not only are trading fees higher, but their custodial fees are gouging, and they charge for things that other platforms do not. Even their belief of how "real time trading" works, is the exact opposite of well established norms elsewhere. During my time with them in 2017 I felt I was bled dry month after month.

I've sent multiple emails, and had many calls with their offices to get them to understand how different they are, but I think they're comparing themselves to shit little European/Nordic competitors, not the big boys. My belief is that they don't actually want the business of most of the people on this blog, and seem to be more focused on small niche market traders in-region.
  3 traders have found this review helpful
Mat,
Singapore,
Jul 26, 2007,
Guest

This is my first forex broker. I'm trading EURUSD in 50K lots which is the smallest size without getting charged USD10 commission. 2 pips in spread is okay. I have not had much problem with not getting my orders filled promptly when ordering live. I really like the software platform, even though it could be improved (more indicators, especially volume related for stocks and CFDs). The printouts are really good quality.

Some bad things:
- A couple of times when I have used stops the price changed just around the stop. I presume the price feed is correct. It would be good with some info about where the feed is coming from since not all feeds look similar at all.
- Their service would be much better without the USD10 commission under 50K. Sometimes I would like to split orders and enter at different time points. To do so I would need to enter multiples of 50K orders, which I'm not yet comfortable with.
- They do not allow paper trading. Well, they do have trial accounts but a live and a trial account cannot be installed on the same computer. This kind of forces you into live trading immediately. And with 50K lots unless you're willing to pay the USD10 commission. Not good.
 
Thomas,
Spain, Spain,
Feb 20, 2014,
Guest

Saxotrader could be a cool platform - it is were not for those obnoxious DISCONNECTIONS.
You can easly get disconnected up to 10 x per hour - which is what happens to me - in a trading hour. Even though I have 9MB download and 2MB upload line.
I tend my internet speed when I get disconnection, and my speed is mega fast, yet the Saxotrader plaform disconnects - again.
There support email plenty of "tricks" or options such as changing connection from AUTO to TCP or HTTPS but all of this is a complete waste of time.

I would like to hear from other users who suffer the same issue - very frequent disconnections, very slow popups when cancelling orders (half of the time empty with no text), very slow order delivery to their servers.

If it were not for those major acceptable issues, I would recommend them 100%. Very transparent and honest in my opinion, but Saxotrader platform too slow and buggy.

I would recommend they produced a "fast", "lightweight" platform without all the gimmicks that sends orders FAST to the server and they should increase server speed on their side.

Pity, could be perfect, but disconnection makes it a nightmare.
 
Big Pip'n,
Zurich,
Nov 15, 2007,
Guest

They have a decent platform and great execution.

I posted other positive comments on this and a couple of other brokers in the past....And so far it seems that only the negative reviews and ratings get thru......

Felix is your site a SCAM?
 
G,
London,
Nov 23, 2007,
Guest

Been trading with them for 2 years now.

Excellent platform, the best I've tried, and I've tried many. Takes some getting used to but once you do it's very good to use.

Never been requoted, and never seen any unusual spikes. I've had trades where the market went within 0.5 pips of my stop but they didn't push it that bit futher to take me out.

Slippage is the only minor annoyance as it NEVER works in your favour; only in theirs. I've seen slippage up to 5 pips in a fast market, but usually it's less than 1.5 pips.

You can place stops as you close as you like, there's no "minimum distance" as reported in other posts.

I trade short term technical trades anywhere from 20 minutes to 2-3 days; they don't seem to have any problems with that style of trading.
 
Pratosh,
Gulf,
Sep 21, 2007,
Guest

I have been trading with saxobank and i am satisfied as of now.
The most important thing is their plateform which is traderfriendly.
The software allows you to book your loss to be stopped ( not booked) and allows you to use convert to a profitable trade in future anytime . The trades are done in realtime and i suppose this is just what one wants when one uses trading forex for one of the investment tools which yields comparitively much higher returns than any other asset/instrument.

This is not a get rich quickly option for sure
Its better to buy a lotto than trade forex!!

I wish and hope i keep on enjoying trading forex with saxo bank.

 

Frequently Asked Questions

How much does it cost to open a Saxo account?

The minimum fund to open a Saxo account varies depending on the account type you want to open.

  • Classic account is $10,000
  • Platinum account is $200,000
  • VIP account is $1,000,000

What is Saxo Trader?

Saxo offers trading access to a number of assets on Saxo Trader. Saxo Trader is the trading platform of Saxo. There are 2 versions of Saxo Trader.

  • SaxoTraderGO
  • SaxoTraderPRO

Does Saxo offer the MetaTrader platform?

Saxo does not offer MetaTrader (MT4) platform. SaxoTraderPRO and SaxoTraderGO are their trading platforms.

How do I withdraw money from Saxo?

To withdraw funds from your Saxo account, please follow the steps below:

  • In SaxoTraderGO: Click Account > Deposit and Transfer > Withdraw funds
  • In SaxoTraderPRO: Click Menu > Deposit and Transfer > Withdraw funds

Saxo only allows withdrawals to accounts that have been verified to belong to you.

Is Saxo a good and reliable broker?

A collection of unbiased traders reviews on ForexPeaceArmy is the best resource to provide you with a good insight to determine whether Saxo is a good and reliable broker. https://www.forexpeacearmy.com/forex-reviews/149/saxo-forex-brokers

Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.

Additionally, we'd recommend to check recent Saxo community discussions: https://www.forexpeacearmy.com/community/tags/saxo/